ByteDance agrees to sell Moonton Technology to Saudi gaming firm

Investing.com -- Chinese tech company ByteDance said on Friday it has agreed to sell Shanghai Moonton Technology to a Riyadh-based gaming firm owned by Saudi Arabia's Public Investment Fund.

Moonton Technology is the studio behind the popular mobile game Mobile Legends: Bang Bang.

ByteDance did not disclose financial details of the transaction. A person with knowledge of the matter said the deal values Moonton at more than $6 billion.

In February, Reuters reported that ByteDance was in advanced talks to sell the business to Savvy Games Group in a deal valued at between $6 billion and $7 billion.

Savvy Games Group is owned by Saudi Arabia's sovereign wealth fund, the Public Investment Fund. According to its website, Savvy is a global games and e-sports company pursuing growth through acquisitions, investments and commercial ventures.

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